Business
Senala Exploration Update
Senala Exploration Update.
About this update from Oriole Resources Plc
[{"type":"text","content":"\n\nOriole Resources PLC\n ('Oriole' or 'the Company')\n \nSenala Exploration Update\n \nOriole Resources PLC, the AIM-quoted gold exploration company focussed on West Africa, provides an update on the Senala gold project in Senegal ('Senala' or the 'Project'), where Managem Group ('Managem') has recently taken control of the Project, having acquired AGEM Senegal Exploration Suarl ('AGEM'), formerly a subsidiary of IAMGOLD Corporation ('IAMGOLD'), for its portfolio of assets in Senegal. Oriole currently has a 41.65% interest in the Project.\n \nHighlights\n \n· Managem has acquired AGEM, which remains operator of Senala;\n· Managem is continuing funding of the AGEM earn-in on Senala under the terms of the 2018 Option Agreement (Announcement dated 1 March 2018), with the option to earn up to a maximum 70% interest in the Project by 28 February 2024, subject to a total spend of US$8 million;\n· An update of the litho-structural model is currently being carried out by the exploration team to integrate all results achieved to date; \n· A 2,000 metre ('m') diamond drilling programme comprising nine holes has been planned along the full 6-kilometre length of the main mineralised trend at Faré, being the most advanced of five prospects at the Project;\n· Drilling is expected to commence later in 2023 and results from the programme will be used to help guide future programmes at Faré.\n \n\nFigure 1. Drill plan for the Faré prospect, showing best results from drilling to date and the planned 2023 diamond drill hole locations.\n\nOriole Resources CEO, Tim Livesey, said: \"We are delighted to see activity re-start at Faré, where we know there is potential to extend the existing maiden resource at Faré South, identify additional resources at Faré South and Faré North, and to test additional targets identified during the 2022 auger drilling programme.\n \n\"The recent purchase by Fortuna Silver Mines Inc., at a premium to market capitalisation, of Chesser Resources, our neighbour in Senegal, has once again re-enforced the value of the Kédougou-Kéniéba gold district and indicates the enormous upside potential that exists at Faré and the other prospect areas within the Senala licence.\n \n...